https://www.theguardian.com/world/live/2020/apr/11/coronavirus-live-news-trumps-biggest-decision-curbs-who-on
Progress
is being made towards debt relief, says head of the World Bank
The World Bank president David Malpass has
said he is confident that progress is being made, following his call for debt
relief for the world’s poorest countries.
The call for a temporary pause in payments,
made jointly with the International Monetary Fund, will be discussed next week
by finance officials of both the G7 and G20 economies, he said.
It has been proposed that China and other big
creditors should suspend debt payments from International Development
Association (IDA) countries beginning May 1, freeing up resources for them to
fight against the pandemic. The IDA countries are home to a quarter of the
world’s population and two-thirds of the world’s population living in extreme
poverty.
The issue is particularly critical for G20
member China, which has sharply increased lending to developing countries over
the past two decades.
China’s government, banks and companies lent some $143 billion to Africa between 2000-2017, much of it for large-scale infrastructure projects, according to data from Johns Hopkins University. By some estimates, Chinese lending now dwarfs World Bank loans in Africa.
China’s government, banks and companies lent some $143 billion to Africa between 2000-2017, much of it for large-scale infrastructure projects, according to data from Johns Hopkins University. By some estimates, Chinese lending now dwarfs World Bank loans in Africa.
Updated at 6.05am
BST
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https://www.theguardian.com/world/live/2020/apr/11/coronavirus-live-news
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